Tuesday, September 17, 2013 3:38 pm
United Tech: Europe improving, military parts down
The Associated Press
CFO Greg Hayes told investors and analysts Tuesday that Europe's economy has bottomed out from a "very low base."
In June, Hayes called Europe a drag, saying it was a little worse than expected in helping generate revenue. Net sales in Europe accounted for 26 percent of United Technologies' 2012 sales.
Hayes said military spare parts and service at Sikorsky are down 50 percent, due to automatic federal budget cuts imposed in March and reduced U.S. involvement in Afghanistan.
Sikorsky, based in Stratford, Conn., maker of the Black Hawk helicopter, has announced 400 job cuts this year.